Home › Quarterly results › Q3 FY26
Q3 FY26 quarterly results (October-December 2025)
4,316 companies have declared Q3 FY26 results so far, the latest on 15 Sep 2026.
Across the 3,727 non-financial companies with a year-ago quarter to compare, sales grew +15.1% and net profit +14.8% year on year, and the combined operating margin narrowed 25 bps to 14.1%.
For the 146 banks and lenders, net interest income grew +8.0% and net profit +10.5%.
56% of companies grew net profit; 416 turned a loss into a profit; 37% beat their own profit trend and 48% fell short of it.
4316 declared
Latest results
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The next results season has started: 45 companies have filed results for the quarter ended 30 Sep 2026.
See them → Q3 FY26 scoreboard
Sales growth
+15.1%
YoY, 3727 companies combined; median +8.3%
Net profit growth
+14.8%
YoY combined; median +8.9%
Operating margin
14.1%
-25 bps YoY
Grew profit
56%
416 turnarounds, 346 into loss
Vs own profit trend
37% / 48%
above / below, 15% in line
Banks: NII growth
+8.0%
146 lenders; profit +10.5%
Price since results
-9.5%
median; 0% of 1 stocks up
Other-income heavy
1051
25%+ of pre-tax profit from other income & one-offs
Filters & sorting
Results by sector
Latest Q3 FY26 results 4316
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M Cap ₹853 Cr
P/E 21.3
PEG 0.33
Profit -61% below its own trend Operating margin contracted 529 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.8% +19.7%
151 126 118 Operating profit
-17.1% +5.0%
14.7 14.0 17.7 OPM %
-529 bps -137 bps
9.7% 11.1% 15.0% Other income
-51.2% -37.4%
0.2 0.3 0.4 Net profit
-21.8% +7.1%
6.2 5.8 7.9 PAT margin %
-259 bps -48 bps
4.1% 4.6% 6.7% EPS (₹)
-21.8% +6.9%
2.47 2.31 3.16
Quality of profit
Pre-tax profit ₹8.8 Cr: core business ₹8.6 Cr, other income ₹0.2 Cr.
Core profit YoY: -21.2%
· reported profit -21.8%
Cash & debt
FY25 cash from operations ₹38.0 Cr:
176% of FY25 net profit of ₹21.5 Cr.
Borrowings ₹72.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹174 ₹151
-13.5% below Net profit ₹15.8 ₹6.2
-60.9% below
M Cap ₹823 Cr
P/E 11.1
PEG 1.85
Profit -25% below its own trend Operating margin contracted 669 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+115.6% +167.2%
653 245 303 Operating profit
+9.9% +119.3%
45.4 20.7 41.4 OPM %
-669 bps -152 bps
7.0% 8.5% 13.6% Other income
-14.9% -17.8%
4.9 6.0 5.8 Net profit?
+1.7% +295.9%
27.3 6.9 26.8 PAT margin %
-467 bps +136 bps
4.2% 2.8% 8.8% EPS (₹)
-10.2% +295.0%
0.79 0.20 0.88
Quality of profit
Pre-tax profit ₹34.6 Cr: core business ₹26.9 Cr, other income ₹4.9 Cr, exceptional & other items ₹2.8 Cr.
Core profit YoY: +0.8%
· reported profit +1.7%
Cash & debt
FY25 cash from operations −₹112 Cr:
-238% of FY25 net profit of ₹47.1 Cr.
Borrowings ₹453 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹375 ₹653
+74.1% above Net profit ₹36.2 ₹27.3
-24.7% below
Into loss: a profit a year ago Operating margin contracted 528 bps YoY Exceptional items of ₹-12.8 Cr in the quarter
₹ Cr YoY
Dec 2025 Dec 2024
Sales
-17.5%
176 213 Operating profit
-54.7%
11.3 24.9 OPM %
-528 bps
6.4% 11.7% Other income
+5.7%
4.3 4.1 Net profit?
to loss -2.0 17.2 PAT margin %
-922 bps
-1.1% 8.1% EPS (₹)
to loss -0.87 7.46
Quality of profit
Pre-tax profit −₹2.6 Cr: core business ₹5.9 Cr, other income ₹4.3 Cr, exceptional & other items −₹12.8 Cr.
Core profit YoY: -69.4%
M Cap ₹823 Cr
P/E 28.2
PEG 0.63
Profit -62% below its own trend Operating margin contracted 412 bps YoY 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.2% +10.0%
53.8 48.9 56.2 Operating profit
-29.6% +22.0%
6.2 5.0 8.7 OPM %
-412 bps +113 bps
11.4% 10.3% 15.6% Other income
-11.4% -77.1%
1.5 6.7 1.7 Net profit?
-23.1% -46.3%
4.3 8.0 5.6 PAT margin %
-198 bps -841 bps
8.0% 16.4% 10.0% EPS (₹)
— -49.7%
2.50 4.97 3.71
No EPS growth against Dec 2024: 1:1 bonus in Mar 2026.
Quality of profit
Pre-tax profit ₹5.6 Cr: core business ₹4.1 Cr, other income ₹1.5 Cr.
Core profit YoY: -37.7%
· reported profit -23.1%
Cash & debt
FY25 cash from operations ₹18.0 Cr:
73% of FY25 net profit of ₹24.6 Cr.
Borrowings ₹49.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹74.6 ₹53.8
-27.9% below Net profit ₹11.2 ₹4.3
-61.6% below
M Cap ₹819 Cr
P/E 13.7
PEG 2.75
44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.9% -15.0%
342 402 295 Operating profit
+37.7% -51.2%
18.2 37.3 13.2 OPM %
+85 bps -395 bps
5.3% 9.3% 4.5% Other income
-17.1% -3.5%
4.3 4.5 5.2 Net profit?
-35.3% -67.8%
7.3 22.7 11.3 PAT margin %
-169 bps -351 bps
2.1% 5.6% 3.8% EPS (₹)
-35.3% -67.8%
7.79 24.23 12.04
Quality of profit
Pre-tax profit ₹9.9 Cr: core business ₹5.5 Cr, other income ₹4.3 Cr.
Core profit YoY: -32.0%
· reported profit -35.3%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
1590% of FY25 net profit of ₹4.3 Cr.
Borrowings ₹6.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹192 ₹342
+77.7% above
M Cap ₹818 Cr
P/E 30.6
PEG 3.40
Profit +66% above its own trend Operating margin contracted 1149 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-27.2% +282.6%
17.7 4.6 24.2 Operating profit
loss widened loss widened -7.3 -5.5 -7.2 OPM %
-1149 bps —
-41.2% — -29.7% Other income
+84.4% +55.0%
23.8 15.4 12.9 Net profit?
+175.9% +33.6%
8.8 6.6 3.2 PAT margin %
+3680 bps —
50.0% — 13.2% EPS (₹)
+180.0% +33.3%
0.56 0.42 0.20
Quality of profit
Pre-tax profit ₹15.8 Cr: core business −₹8.0 Cr, other income ₹23.8 Cr.
Core profit YoY: loss narrowed
· reported profit +175.9%
Cash & debt
FY25 cash from operations −₹32.0 Cr:
-23% of FY25 net profit of ₹138 Cr.
Borrowings ₹11.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹12.1 ₹17.7
+45.6% above Net profit ₹5.3 ₹8.8
+66.1% above
M Cap ₹815 Cr
P/E 12.8
PEG 0.08
Profit +15% above its own trend Operating margin contracted 448 bps YoY Core business grew faster than reported profit (core profit +152%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+226.3% +100.0%
118 58.9 36.1 Operating profit
+137.0% +24.7%
14.0 11.2 5.9 OPM %
-448 bps -717 bps
11.9% 19.1% 16.4% Other income
— +353.2%
0.8 0.2 0.0 Net profit?
+129.7% +41.5%
7.9 5.6 3.4 PAT margin %
-282 bps -277 bps
6.7% 9.5% 9.5% EPS (₹)
+114.5% —
7.56 10.55 adj. 3.52
EPS restated for the 3:5 bonus of Nov 2025: Dec 2024 ₹5.64 to ₹3.52. No EPS growth against Sep 2025: 3:5 bonus in Nov 2025.
Quality of profit
Pre-tax profit ₹12.4 Cr: core business ₹11.6 Cr, other income ₹0.8 Cr.
Core profit YoY: +152.1%
· reported profit +129.7%
Cash & debt
FY25 cash from operations −₹14.0 Cr.
Borrowings ₹51.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹72.2 ₹118
+63.2% above Net profit ₹6.9 ₹7.9
+14.8% above
Exceptional items of ₹-6.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.9% +9.1%
263 241 235 Operating profit
loss widened to loss -8.0 11.0 -7.0 OPM %
-6 bps -761 bps
-3.0% 4.6% -3.0% Other income
-13.0% -79.1%
47.0 225 54.0 Net profit?
loss widened to loss -26.0 164 -25.0 PAT margin %
+75 bps -7794 bps
-9.9% 68.0% -10.6% EPS (₹)
loss widened to loss -8.69 55.34 -8.31
Quality of profit
Pre-tax profit −₹25.0 Cr: core business −₹72.0 Cr, other income ₹47.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹1.0 Cr.
Borrowings ₹2,568 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹256 ₹263
+2.8% in line
M Cap ₹815 Cr
P/E 41.7
PEG 0.87
Profit -42% below its own trend Operating margin expanded 158 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-0.8% +99.5%
74.4 37.3 75.0 Operating profit
+11.1% +99.8%
10.9 5.5 9.8 OPM %
+158 bps +2 bps
14.7% 14.6% 13.1% Other income
+143.1% +6.1%
0.9 0.8 0.4 Net profit
+16.1% +187.2%
6.1 2.1 5.3 PAT margin %
+120 bps +251 bps
8.2% 5.7% 7.0% EPS (₹)
— +203.0%
0.10 adj. 0.030.99
EPS restated for the ₹10 to ₹1 split of Oct 2025: Sep 2025 ₹0.33 to ₹0.03. No EPS growth against Dec 2024: ₹10 to ₹1 split in Oct 2025.
Quality of profit
Pre-tax profit ₹8.3 Cr: core business ₹7.4 Cr, other income ₹0.9 Cr.
Core profit YoY: +8.0%
· reported profit +16.1%
Cash & debt
FY25 cash from operations −₹24.0 Cr:
-149% of FY25 net profit of ₹16.1 Cr.
Borrowings ₹86.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹150 ₹74.4
-50.4% below Net profit ₹10.5 ₹6.1
-42.0% below
M Cap ₹815 Cr
P/E 18.3
PEG 2.29
Profit +95% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.1% +5.9%
197 186 160 Operating profit
+26.7% +58.3%
19.0 12.0 15.0 OPM %
+27 bps +319 bps
9.6% 6.5% 9.4% Other income
+100.0% +100.0%
2.0 1.0 1.0 Net profit
+30.0% +62.5%
13.0 8.0 10.0 PAT margin %
+35 bps +230 bps
6.6% 4.3% 6.2% EPS (₹)
+30.1% +76.3%
1.34 0.76 1.03
Quality of profit
Pre-tax profit ₹18.0 Cr: core business ₹16.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +23.1%
· reported profit +30.0%
Cash & debt
FY25 cash from operations ₹37.0 Cr:
79% of FY25 net profit of ₹47.0 Cr.
Borrowings ₹11.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹186 ₹197
+5.8% above Net profit ₹6.7 ₹13.0
+95.0% above
M Cap ₹814 Cr
P/E 21.5
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+43.8%
54.4 37.9 Operating profit
+159.1%
14.7 5.7 OPM %
+1201 bps
27.0% 15.0% Other income
-46.3%
0.2 0.3 Net profit
+145.5%
12.8 5.2 PAT margin %
+972 bps
23.5% 13.7% EPS (₹)
+144.2%
6.47 2.65
Quality of profit
Pre-tax profit ₹14.5 Cr: core business ₹14.3 Cr, other income ₹0.2 Cr.
M Cap ₹809 Cr
P/E 34.3
PEG —
Profit -55% below its own trend Operating margin contracted 914 bps YoY 53% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.4% +6.7%
57.3 53.7 54.4 Operating profit
-41.0% -2.8%
6.7 6.8 11.3 OPM %
-914 bps -114 bps
11.6% 12.8% 20.8% Other income
-9.5% -8.1%
3.6 4.0 4.0 Net profit
-42.2% -11.5%
5.1 5.8 8.8 PAT margin %
-732 bps -183 bps
8.9% 10.7% 16.2% EPS (₹)
-42.3% -11.5%
1.39 1.57 2.41
Quality of profit
Pre-tax profit ₹6.8 Cr: core business ₹3.2 Cr, other income ₹3.6 Cr.
Core profit YoY: -59.6%
· reported profit -42.2%
Cash & debt
FY25 cash from operations ₹41.0 Cr:
168% of FY25 net profit of ₹24.5 Cr.
Borrowings ₹25.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹55.7 ₹57.3
+2.9% in line Net profit ₹11.2 ₹5.1
-54.7% below
M Cap ₹808 Cr
P/E 52.4
PEG —
27% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +373%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.8% +26.1%
58.2 46.2 44.9 Operating profit
+30.7% +30.1%
22.8 17.5 17.4 OPM %
+25 bps +123 bps
39.1% 37.8% 38.8% Other income
+11.4% -6.7%
2.9 3.1 2.6 Net profit?
+75.0% +98.5%
6.8 3.4 3.9 PAT margin %
+301 bps +426 bps
11.7% 7.4% 8.7% EPS (₹)
+140.0% +20.0%
0.12 0.10 0.05
Quality of profit
Pre-tax profit ₹10.8 Cr: core business ₹7.9 Cr, other income ₹2.9 Cr.
Core profit YoY: +373.1%
· reported profit +75.0%
Cash & debt
FY25 cash from operations ₹40.0 Cr.
Borrowings ₹425 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹47.3 ₹58.2
+23.2% above
M Cap ₹803 Cr
P/E 19.3
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+39.0%
309 222 Operating profit
+39.3%
23.1 16.6 OPM %
+1 bps
7.5% 7.4% Other income
-38.1%
1.9 3.0 Net profit
+18.4%
12.0 10.1 PAT margin %
-68 bps
3.9% 4.6% EPS (₹)
+18.1%
3.59 3.04
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹14.1 Cr, other income ₹1.9 Cr.
M Cap ₹794 Cr
P/E 27.8
PEG 1.46
Operating margin contracted 309 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.3% -1.0%
25.3 25.5 24.0 Operating profit
-4.1% -7.2%
8.0 8.6 8.4 OPM %
-309 bps -211 bps
31.7% 33.9% 34.8% Other income
+38.3% +8.7%
1.1 1.0 0.8 Net profit
+0.9% -1.3%
6.6 6.7 6.5 PAT margin %
-112 bps -8 bps
26.1% 26.1% 27.2% EPS (₹)
+1.1% -1.6%
1.79 1.82 1.77
Quality of profit
Pre-tax profit ₹8.6 Cr: core business ₹7.5 Cr, other income ₹1.1 Cr.
Core profit YoY: -6.8%
· reported profit +0.9%
Cash & debt
FY25 cash from operations ₹31.0 Cr:
122% of FY25 net profit of ₹25.5 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹26.3 ₹25.3
-3.7% in line Net profit ₹6.9 ₹6.6
-4.1% in line
M Cap ₹792 Cr
P/E 30.2
PEG —
Profit -85% below its own trend Exceptional items of ₹-8.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-21.1% -1.0%
206 208 261 Operating profit
-15.9% -4.5%
22.6 23.6 26.8 OPM %
+68 bps -40 bps
11.0% 11.4% 10.3% Other income
+58.4% -77.0%
2.9 12.5 1.8 Net profit?
-88.5% -90.9%
1.6 17.2 13.6 PAT margin %
-445 bps -751 bps
0.8% 8.3% 5.2% EPS (₹)
-88.6% -90.9%
0.43 4.75 3.78
Quality of profit
Pre-tax profit ₹4.5 Cr: core business ₹10.2 Cr, other income ₹2.9 Cr, exceptional & other items −₹8.6 Cr.
Core profit YoY: -36.2%
· reported profit -88.5%
Cash & debt
FY25 cash from operations ₹124 Cr:
213% of FY25 net profit of ₹58.3 Cr.
Borrowings ₹155 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹192 ₹206
+7.1% above Net profit ₹10.4 ₹1.6
-84.9% below
M Cap ₹792 Cr
P/E 68.8
PEG —
Profit -68% below its own trend Operating margin contracted 638 bps YoY 47% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.8% -1.1%
72.2 72.9 62.8 Operating profit
-68.4% -70.1%
1.7 5.8 5.5 OPM %
-638 bps -559 bps
2.4% 8.0% 8.8% Other income
+96.6% +39.9%
0.9 0.6 0.5 Net profit?
-65.5% -71.2%
1.4 4.8 4.0 PAT margin %
-443 bps -464 bps
1.9% 6.5% 6.3% EPS (₹)
-66.9% -72.1%
0.79 2.83 2.39
Quality of profit
Pre-tax profit ₹1.9 Cr: core business ₹1.0 Cr, other income ₹0.9 Cr.
Core profit YoY: -80.2%
· reported profit -65.5%
Cash & debt
FY25 cash from operations −₹4.0 Cr:
-24% of FY25 net profit of ₹16.9 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹81.7 ₹72.2
-11.7% below Net profit ₹4.2 ₹1.4
-67.6% below
M Cap ₹789 Cr
P/E 105.7
PEG —
Profit +999% above its own trend Operating margin expanded 738 bps YoY Exceptional items of ₹-8.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.4% +6.6%
151 142 120 Operating profit
+221.1% +187.5%
18.4 6.4 5.7 OPM %
+738 bps +766 bps
12.2% 4.5% 4.8% Other income
to loss to loss -4.4 11.1 1.6 Net profit?
+619.3% -58.9%
4.1 10.0 0.6 PAT margin %
+223 bps -432 bps
2.7% 7.0% 0.5% EPS (₹)
+588.9% -58.7%
0.62 1.50 0.09
Quality of profit
Pre-tax profit ₹4.3 Cr: core business ₹11.3 Cr, other income −₹4.4 Cr, exceptional & other items −₹2.6 Cr.
Core profit YoY: from loss
· reported profit +619.3%
Cash & debt
FY25 cash from operations ₹36.0 Cr:
963% of FY25 net profit of ₹3.7 Cr.
Borrowings ₹116 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹110 ₹151
+38.2% above Net profit ₹0.3 ₹4.1
+999.0% above
M Cap ₹788 Cr
P/E 213.1
PEG —
Profit +53% above its own trend 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.8% +22.5%
109 88.7 96.3 Operating profit
+10.7% +122.6%
12.8 5.8 11.6 OPM %
-22 bps +530 bps
11.8% 6.5% 12.0% Other income
-3.0% -16.7%
1.7 2.0 1.8 Net profit?
+9.9% from loss 4.4 -0.4 4.0 PAT margin %
-11 bps +453 bps
4.0% -0.5% 4.2% EPS (₹)
+9.8% from loss 0.90 -0.09 0.82
Quality of profit
Pre-tax profit ₹6.0 Cr: core business ₹4.3 Cr, other income ₹1.7 Cr.
Core profit YoY: +10.0%
· reported profit +9.9%
Cash & debt
FY25 cash from operations ₹41.0 Cr:
337% of FY25 net profit of ₹12.2 Cr.
Borrowings ₹118 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹90.8 ₹109
+19.7% above Net profit ₹2.9 ₹4.4
+52.6% above
M Cap ₹787 Cr
P/E 9.9
PEG 0.28
Operating margin expanded 419 bps YoY FY25 operating cash flow was only 30% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.7% +60.5%
214 133 206 Operating profit
+31.9% +62.6%
41.8 25.7 31.7 OPM %
+419 bps +24 bps
19.6% 19.3% 15.4% Other income
+818.7% -29.3%
0.3 0.4 0.0 Net profit
+34.8% +66.4%
30.6 18.4 22.7 PAT margin %
+331 bps +51 bps
14.3% 13.8% 11.0% EPS (₹)
+34.7% +66.7%
2.60 1.56 1.93
Quality of profit
Pre-tax profit ₹41.0 Cr: core business ₹40.7 Cr, other income ₹0.3 Cr.
Core profit YoY: +33.9%
· reported profit +34.8%
Cash & debt
FY25 cash from operations ₹17.0 Cr:
30% of FY25 net profit of ₹57.5 Cr.
Borrowings ₹43.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹214 ₹214
-0.2% in line Net profit ₹32.3 ₹30.6
-5.1% in line
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-11.9%
78.9 89.5 Operating profit
+130.3%
7.0 3.0 OPM %
+549 bps
8.9% 3.4% Other income
to loss -1.7 1.0 Net profit?
loss widened -5.0 -2.6 PAT margin %
-345 bps
-6.3% -2.9% EPS (₹)
loss widened -1.04 -0.04
Quality of profit
Pre-tax profit −₹5.9 Cr: core business −₹4.3 Cr, other income −₹1.7 Cr.
M Cap ₹780 Cr
P/E 18.8
PEG —
Profit +34% above its own trend Operating margin expanded 217 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.6% +5.4%
218 207 187 Operating profit
+31.1% +5.6%
42.6 40.3 32.5 OPM %
+217 bps +4 bps
19.5% 19.5% 17.3% Other income
-10.4% +42.1%
3.5 2.5 3.9 Net profit?
+27.7% +33.0%
15.0 11.3 11.8 PAT margin %
+60 bps +143 bps
6.9% 5.5% 6.3% EPS (₹)
+14.6% +22.2%
0.55 0.45 0.48
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹13.5 Cr, other income ₹3.5 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +20.7%
· reported profit +27.7%
Cash & debt
FY25 cash from operations ₹108 Cr:
357% of FY25 net profit of ₹30.2 Cr.
Borrowings ₹548 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹191 ₹218
+14.6% above Net profit ₹11.2 ₹15.0
+33.9% above
Operating margin contracted 534 bps YoY Exceptional items of ₹-13.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-23.7% -7.6%
283 306 371 Operating profit
loss widened loss widened -19.3 -9.0 -5.5 OPM %
-534 bps -390 bps
-6.8% -2.9% -1.5% Other income
+48.2% +12.0%
1.8 1.6 1.2 Net profit?
loss widened loss widened -38.0 -18.2 -15.5 PAT margin %
-925 bps -749 bps
-13.4% -5.9% -4.2% EPS (₹)
loss widened loss widened -23.95 -11.48 -9.78
Quality of profit
Pre-tax profit −₹48.0 Cr: core business −₹36.2 Cr, other income ₹1.8 Cr, exceptional & other items −₹13.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹90.0 Cr.
Borrowings ₹265 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹372 ₹283
-24.0% below
M Cap ₹777 Cr
P/E 19.8
PEG —
Operating margin contracted 393 bps YoY Core business grew faster than reported profit (core profit +402%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+301.7% -13.4%
60.4 69.7 15.0 Operating profit
+223.0% -32.5%
9.8 14.4 3.0 OPM %
-393 bps -458 bps
16.1% 20.7% 20.1% Other income
+86.1% +356.7%
0.5 0.1 0.3 Net profit
+346.2% -33.0%
6.3 9.4 1.4 PAT margin %
+104 bps -305 bps
10.4% 13.5% 9.4% EPS (₹)
+339.1% -33.1%
1.01 1.51 0.23
Quality of profit
Pre-tax profit ₹8.5 Cr: core business ₹8.0 Cr, other income ₹0.5 Cr.
Core profit YoY: +401.9%
· reported profit +346.2%
Cash & debt
FY25 cash from operations ₹4.0 Cr.
Borrowings ₹60.0 Cr at Mar 2025.
M Cap ₹776 Cr
P/E 29.4
PEG 2.10
Profit -14% below its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+25.5% +9.0%
393 360 313 Operating profit
+20.8% +6.1%
27.5 25.9 22.7 OPM %
-27 bps -18 bps
7.0% 7.2% 7.3% Other income
-6.6% -1.2%
1.4 1.4 1.5 Net profit?
-5.2% +3.3%
9.6 9.3 10.2 PAT margin %
-79 bps -13 bps
2.5% 2.6% 3.2% EPS (₹)
-11.5% +3.4%
3.37 3.26 3.81
Quality of profit
Pre-tax profit ₹14.5 Cr: core business ₹13.1 Cr, other income ₹1.4 Cr.
Core profit YoY: -0.8%
· reported profit -5.2%
Cash & debt
FY25 cash from operations −₹16.0 Cr:
-39% of FY25 net profit of ₹40.6 Cr.
Borrowings ₹316 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹420 ₹393
-6.4% below Net profit ₹11.2 ₹9.6
-14.2% below
M Cap ₹775 Cr
P/E 593.2
PEG —
Profit -70% below its own trend Operating margin contracted 2262 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.6% -16.6%
89.2 107 102 Operating profit
-90.1% -88.7%
2.6 23.0 26.1 OPM %
-2262 bps -1859 bps
2.9% 21.5% 25.5% Other income
from loss +23.3%
12.3 10.0 -0.4 Net profit?
-63.4% -73.6%
5.0 19.0 13.7 PAT margin %
-783 bps -1212 bps
5.6% 17.8% 13.5% EPS (₹)
-63.0% -73.1%
0.61 2.27 1.65
Quality of profit
Pre-tax profit ₹6.9 Cr: core business −₹5.4 Cr, other income ₹12.3 Cr.
Core profit YoY: to loss
· reported profit -63.4%
Against its own trend ?
Trend Actual Gap
Sales ₹96.2 ₹89.2
-7.3% below Net profit ₹17.0 ₹5.0
-70.5% below
M Cap ₹769 Cr
P/E 26.6
PEG —
Profit -45% below its own trend Operating margin contracted 157 bps YoY 47% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.6% +42.7%
113 79.2 89.3 Operating profit
+19.5% +126.7%
29.9 13.2 25.1 OPM %
-157 bps +981 bps
26.5% 16.7% 28.1% Other income
-11.5% -35.3%
4.9 7.6 5.5 Net profit?
-46.9% +124.1%
9.6 4.3 18.1 PAT margin %
-1177 bps +309 bps
8.5% 5.4% 20.3% EPS (₹)
-49.3% +110.9%
3.29 1.56 6.49
Quality of profit
Pre-tax profit ₹10.3 Cr: core business ₹5.4 Cr, other income ₹4.9 Cr.
Core profit YoY: -66.0%
· reported profit -46.9%
Cash & debt
FY25 cash from operations ₹25.0 Cr:
53% of FY25 net profit of ₹47.5 Cr.
Borrowings ₹221 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹98.9 ₹113
+14.3% above Net profit ₹17.6 ₹9.6
-45.2% below
M Cap ₹766 Cr
P/E 33.1
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-22.8%
24.5 31.7 Operating profit
-52.4%
6.6 13.8 OPM %
-1667 bps
26.7% 43.4% Other income
-31.3%
0.1 0.1 Net profit?
-61.3%
3.6 9.4 PAT margin %
-1475 bps
14.8% 29.6% EPS (₹)
-61.4%
0.59 1.53
Quality of profit
Pre-tax profit ₹5.0 Cr: core business ₹4.9 Cr, other income ₹0.1 Cr.
M Cap ₹765 Cr
P/E 130.8
PEG —
Into loss: a profit a year ago Operating margin expanded 113 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.3% -6.7%
131 140 115 Operating profit
+30.2% -43.5%
11.4 20.1 8.7 OPM %
+113 bps -566 bps
8.7% 14.4% 7.6% Other income
-52.3% -32.0%
1.6 2.3 3.3 Net profit?
to loss to loss -0.6 9.1 0.8 PAT margin %
-113 bps -689 bps
-0.4% 6.5% 0.7% EPS (₹)
to loss to loss -0.40 6.47 0.58
Quality of profit
Pre-tax profit −₹0.7 Cr: core business −₹2.3 Cr, other income ₹1.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹38.0 Cr:
-505% of FY25 net profit of ₹7.5 Cr.
Borrowings ₹714 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹118 ₹131
+11.2% above
M Cap ₹764 Cr
P/E 21.1
PEG —
Profit +374% above its own trend Operating margin expanded 2409 bps YoY Core business grew faster than reported profit (core profit +259%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.3% +30.4%
43.1 33.0 34.7 Operating profit
+201.7% +436.1%
17.6 3.3 5.9 OPM %
+2409 bps +3101 bps
41.0% 10.0% 16.9% Other income
-38.9% -5.9%
2.1 2.3 3.5 Net profit?
+137.0% +419.4%
13.7 2.6 5.8 PAT margin %
+1509 bps +2377 bps
31.7% 8.0% 16.6% EPS (₹)
+136.8% +420.6%
13.90 2.67 5.87
Quality of profit
Pre-tax profit ₹18.5 Cr: core business ₹16.4 Cr, other income ₹2.1 Cr.
Core profit YoY: +259.1%
· reported profit +137.0%
Cash & debt
FY25 cash from operations −₹7.0 Cr:
-33% of FY25 net profit of ₹21.5 Cr.
Borrowings ₹116 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹34.2 ₹43.1
+26.0% above Net profit ₹2.9 ₹13.7
+374.0% above
How to read this page
The numbers. Each card is one company's Q3 FY26 results as filed with NSE or BSE, read from the
filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when
the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same
quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months).
A swing between profit and loss is described in words: a percentage across it would mislead.
Net profit. On a consolidated statement, net profit is the profit of the whole group for the quarter,
before minority interest. A company's own headline, and the AI read of its filing, often quote the profit
attributable to its shareholders instead, which is lower when subsidiaries are partly owned: Larsen & Toubro's
Q1 FY27 group profit was ₹4,988 Cr, of which ₹4,123 Cr belonged to its shareholders. EPS is worked out on that
attributable profit, so EPS and net profit need not grow at the same rate. On a standalone statement the two
are the same.
Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income,
as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points
(100 bps = 1 percentage point).
Quality of profit. Core profit is operating profit minus interest and depreciation: what the business
itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on
investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more,
and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net
profit, since a fall in provisions can lift profit without the business growing.
Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead
each company is measured against the path it was on: the same quarter last year, grown at the median of its
last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales
5% or more above that, or net profit 10% or more above, is "above trend";
as far below is "below trend". It answers "was this quarter better or worse than the company's own recent
run?", which consensus does not.
Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show
its operating cash flow for the last financial year as a share of that year's net profit (flagged under
50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet
against the one six months earlier (flagged at a 25% move). Balance sheets come with the
September and March results, cash-flow statements with the March results.
Price since results. The latest close against the last close before the filing (a filing after 3:30 pm
counts from the next session). It is a fact about the market's reaction, not advice.
Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150
(SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.
Data source Quarterly results filed by listed companies with NSE and BSE (Regulation 33 of SEBI LODR), read from each filing; share prices from the exchanges; market cap and P/E from our daily fundamentals snapshot.
Last updated 14 Oct 2026, 06:44 IST
